Understanding landlords insurance
Like any investment, your rental property needs to be protected. If tenants do damage or leave without paying their rent you can be left out of pocket. Landlords insurance provides cover against theft, malicious damage, loss of earnings, as well as storms, flood, fire and other natural disasters. You should read the relevant PDS for specific details including what’s covered, but we’ve included some general information to get you started below.
Protection against rent default and legal expenses
Landlords insurance can also include optional cover to protect yourself if your tenant defaults on their rent or you need to take them to court. In some policies you can get up to $20,000 or 10 weeks' rent, whichever is less, and have your legal expenses paid up to a maximum of $1,000. You might be covered when a tenant:
- Vacates before the end of the agreed rental period without notice
- Does not pay rent owing under the lease agreement and vacates the property
- Does not pay rent and is legally evicted
- Is denied legal access to your property by a local, State or Commonwealth authority
This is general information only and does not take into account your personal objectives, financial situation or needs. You should consider the relevant PDS available on this website prior to purchasing any product. Choosi offers insurance products from a range of brands but does not compare all products available in the market.
Learn more about home & contents insurance